SandRidge Energy Cuts 2015 Capex By 56%

Reuters

Feb 26 (Reuters) - Oil and natural gas company SandRidge Energy Inc set a capital budget of $700 million for 2015, 56 percent lower than a year earlier, as the company responds to a slump in crude oil prices.

The company said it would reduce its rig count to 7 by mid-year from 32 at the start of 2015, joining a slew of oil producers who have said they would use fewer rigs this year.

Net income rose to $314.1 million, or 48 cents per share, in the fourth quarter ended Dec. 31, from $73.4 million, or 6 cents per share, a year earlier.

Revenue fell more than 25 percent to $346.9 million.

(Reporting by Anannya Pramanick in Bengaluru; Editing by Sriraj Kalluvila)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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